Is the Kelowna real estate market really starting to cool off?
Lifestyle

Is the Kelowna actual property market actually beginning to cool off?

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Three weeks ago, real estate agent Rick Hamer-Jackson put a beautiful, older, but completely renovated home for sale for $ 950,000.

There was a deluge of demonstrations, but no offers for the first 48 hours.

“I knew then that the market was starting to calm down from its peak,” said Hamer-Jackson.

“They know you’ve missed the price mark if there’s no offer in the first 48 hours.”

</who>The real estate market in Kelowna is adjusting from its peak three weeks ago, according to ReMax real estate agent Rick Hamer-Jackson. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/ Rick% 20Hamer-Jackson.jpg “style =” margin: 5px; “/></p> <p>The price has been lowered to $ 925,000 and still no action has been taken.</p> <p>So the house was briefly taken off the market and reintroduced for $ 899,000, received two offers, and quickly sold.</p> <p>“The hot days of 90, 60 and even 30 days, when you just put a crazy price on a house, started a bidding war and sold for more than the list price, are over,” said Hamer-Jackson.</p> <p>“Pricing has to be more strategic. We can no longer just take a number from heaven.”</p> <p>This turnaround in the market is a shock.</p> <p>After all, house prices had skyrocketed 30% last year to a peak of $ 880,000 for a single family home, or an average of $ 974,000.</p> <p>The pandemic sparked a shopping spree that drove prices up as people made their homes more important again and people moved from Vancouver and Toronto to Kelowna with money.</p> <p>“The massive price increases are definitely easing,” says ReMax broker Colin Krieg.</p> <p>“Have we peaked? Probably not. It’s just easing. There are few offers and sales are strong so it’s still a sellers’ market. In the meantime, there will be price drops and fewer offers when everything balances out.” . “</p> <p><img alt=We are seeing the first signs of easing in the Kelowna real estate market, says ReMax agent Colin Krieg. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/Colin% 20Krieg % 20 (resave) .jpg “style =” margin: 5px; “/>

In addition, both agents mentioned “buyer fatigue”.

Potential buyers caught in the vortex and bid on half a dozen homes only to get none of them usually take a break.

Plus, up to 45% of shoppers were from the city last year and are now handicapped by COVID-related travel restrictions.

Investors who buy the home and put tenants in the home, or those who buy with the expectation of big profits, also tend to wait and see.

There are two schools of thought when it comes to how this is all going to play out.

First, the market is taking a breather, sales will remain strong and prices will rise.

This is the war touts option.

Second, this is a real adjustment and turning point, and sales and prices can drop as much as 10%.

That’s what Hamer-Jackson expects.

In any case, the market will still be more dynamic than the 10-year average.

Hamer-Jackson mentioned that when you can afford it, it is always a good time to buy, and the purchase is the primary residence you will live in for a long time.

He added that November and December are usually the best months to buy a home, as the only active sellers and buyers are serious buyers who would agree on a good deal.

The trend towards easing is also evident on the housing market.

From March through April, the average monthly rents for both one- and two-bedroom apartments decreased slightly to $ 1,480 and $ 1,780, respectively.

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